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Tern plc, the investment company specialising in the Internet of Things (IoT), has announced an update to the IPO of its portfolio company - Wyld Networks.
Wyld will receive 25 million kr, approximately £2.1 million, from the offering. This includes £300,000 from Tern and £55,000 from Terns Directors and Wyld Networks management.
A further 69 million kr (approximately £5.8 million) could be raised by Wyld Networks if all of the warrants to be granted pursuant to the Offering (as described the announcement of 9 June 2021) are exercised.
Al Sisto, ceo of Tern, said: We are delighted that the Wyld Networks Offering in connection with its IPO on NASDAQ First North has been such a success. We look forward to Wyld Networks starting to trade on NASDAQ First North on 2 July 2021 and as their majority shareholder, Tern and our shareholders will benefit from any future share price appreciation.
The first day of trading of Wyld Networks' shares on NASDAQ First North is expected to be 2 July 2021.
We believe that Wyld Networks has an exciting future ahead of it and we look forward to reporting on their future developments, together with our other portfolio companies in due course, Sisto adds.